Devon Energy (NYSE:DVN) PT Lowered to $50.00 at Evercore ISI

Devon Energy (NYSE:DVN) had its target price lowered by Evercore ISI from $55.00 to $50.00 in a report released on Monday, Benzinga reports. Evercore ISI currently has an in-line rating on the energy company’s stock.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of Devon Energy from a buy rating to a hold rating in a report on Monday, September 2nd. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a report on Thursday, September 12th. Morgan Stanley reduced their target price on shares of Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a report on Monday, September 16th. Piper Sandler reduced their target price on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Finally, Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a peer perform rating on the stock. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $54.11.

Devon Energy Stock Performance

NYSE:DVN opened at $41.80 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market capitalization of $26.42 billion, a P/E ratio of 7.98, a PEG ratio of 1.22 and a beta of 2.02. The company has a 50 day moving average price of $42.83 and a 200 day moving average price of $46.90. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $1.18 EPS. Equities research analysts forecast that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.11%. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its stake in Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its position in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Devon Energy by 15.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after purchasing an additional 699,743 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.